6 Things Your Small Business Needs to Spend More Money On

1. Design

Investment in design across your business is really necessary if you want to succeed. Most small businesses under invest in their design, especially graphic design for their products, because they believe that it is not important. This just isn't true. In fact, a customer will pay the most attention to your logo, according to research completed by Missouri University of Science and Technology.

You can do this by investing in the services of a reputable and well-known design company, not just asking your Uncle John to whip something up in Microsoft Paint.

This involves your logo, business cards, cellphone application and the general branding of your company. All these things require solid investment if you want your small business to be successful and have a good reputation with your clients and other businesses as a stand-out professional organization.

2. Marketing

Linked in tightly to design, marketing your business is another aspect you need to properly invest in. Don't try and do it yourself if you aren't qualified or skilled. Don't hire your friend for $20 mates-rates. Marketing is essential to your small business's success, especially if you are working in a field that is already filled with other businesses offering a similar service to you.

Marketing includes knowing your product's target audience, ensuring that advertising is relevant and accessible for that target audience, and making sure your product is coherent and consistent in its tone and advertising. These actions will maximize your business's sales, and give your design team a focus behind what they are achieving.

3. Technology

Technology is another valuable investment you should make in your small business. Everybody knows how important technology is to modern life. However, many people do not know how important technology is to business. You need to spend money on your technology, otherwise your reputation and revenue will be negligible until your business is dead. 

This includes lots of different things for your business. Programs like instant messaging systems, document organization systems and content management system, are likely to have an instant effect on the productivity of your workforce. However, two other aspects of technology are vitally important to your customers:

1. Cell service/coverage: You will need a long reaching cell coverage that can cover your entire office, ensuring no important phone calls are missed purely because someone was standing in the wrong place.
2. Your website not only needs to be designed to be pleasing to the eye, but it also must contain the most essential information about your company. If your website fails at either of these things, then you will lose customers and reputation.

Simply put, don't save your money when it comes to technology. You and your business will regret the decision.

4. Legal advice

Many small businesses fail to retain a legal adviser, calling it an unnecessary expense. Well, legal advice is actually pretty necessary to your business's success. By using a reputable law firm, you can protect yourself from potential legal issues. This includes writing and reviewing legal contracts, ensuring you have not violated any laws in your business and mediation in case of disputes.

In short, you need to get legal advice, or even a retained lawyer if you can afford it, if you want your business to be a success. Without this, you open yourself up to potential legal action being taken against you and even possibly shutting down your business before it has the chance to become successful.

5. Accounting service

Accounting is another thing you need to spend your money on, especially if you are currently lacking in capital. By hiring an accounting firm, you can optimize your business and reduce the wastage and inefficiencies that are limiting your business's growth.

This includes creating invoices for your employees, decreasing time wastage on duties that an accountant will cover for you and controlling the potentially spiraling costs that often paralyze small businesses. If you fail to make this investment, you are likely to have an inefficient and ineffective business that will waste money you could use for reinvestment in other aspects listed here.

6. Insurance

While this one may seem obvious to you, you need to invest your money in good insurance coverage for your small business. Many people scoff at the suggestion of insurance, arguing that it is not needed unless you are making serious money with your business. Honestly, this may be true for some small businesses. If you are an eBay reseller or small-time product designer, then insurance may not be for you.

5 Ways to Get Better Sleep Without Sleeping More Hours

Use bedtime affirmations.

This is a secret weapon that most people don't know about. I learned about this tip from Hal Elrod in The Miracle Morning book. You can use the power of affirmation to set your mind up for the best sleep, even if it's just for a few hours.

For example, you could say, "I'm going to wake up at (insert whatever time you're going to wake up), and that will be more than enough sleep to get me up and running." Priming your subconscious mind to get the most out of the time available to sleep is a great way to wake up happy and productive.

Nap the right way or don't do it at all.

Napping is great to help you get past the 3 p.m. slump and be productive for the rest of the day. The problem is, most people do it wrong. First of all, nap for less than 30 minutes or take an hour and half. Second, try to take your nap, especially if it's a short one, between 1-3 p.m. This way you will get better REM sleep.

If you take it after 4 p.m., your body will go into a long cycle, and you won't be able to wake up. You'll be like a zombie. That's why if you can't do it the right way, don't do it at all. 

Exercise is your best ally.

Another great way to set yourself up for higher quality sleep is to do some intense exercises a few hours before sleeping. The ideal time to exercise is about 6 p.m. When you're exhausted, your mind will go into deep cycles fast, giving you more time in the deep cycle, thus giving you higher quality sleep.

I have been exercising for a few months, mainly to avoid depression through the secretion of endorphins. But a side benefit is that I am getting much better sleep quality at night, and I am waking up feeling productive. I even have the opportunity -- and energy -- to work on my side business for a few hours before going to college.

Sleep alone when you can.

There's nothing worse than being disturbed in the middle of your sleep, especially when you're in the deep part of the cycle. Studies have shown people who sleep in the same bed with someone else suffer 50 percent more harmful sleep disturbances. Why decrease your sleep quality if you can sleep alone?

A hot bath before sleep.

This is something I learned from Arianna Huffington. She says that a hot bath is a very important part of her before-bed routine. I tested it out myself, and I can't go back. It is scientifically proven that it primes you to get into sleep faster. Having a hot bath after going to the gym is an important key to get better sleep, too.

Wake at the right moment.

Our sleep consists of cycles, which usually repeat every 90 minutes. Wake up in the middle of it, and you will feel groggy for the rest of the day. Wake up at the end of the cycle -- before a new cycle begins -- and you will feel refreshed. Be intentional about how much you sleep so that you get complete cycles. Use Sleepyti.me to help you calculate when to sleep.

Another great tip to prevent waking up in the middle of the cycle is to use an app like Smart Sleep to analyze your sleep, and when you start to get deep into the cycle, it wakes you up, even if it is 10 minutes earlier than your scheduled alarm. Those 10 minutes are the difference between feeling unrested and having a highly productive day.

04 Situations When It's Best to Stick to Your Guns Instead of Compromise

1. Your core values and vision are in jeopardy.

Brands often reorient themselves a bit to accommodate the market. But this isn't the same as throwing the central beliefs and goals under which you started operating out the window. You should be able to leave an agreement confident that your customers will still be able to recognize and trust who you are. Retaining this sense of business self is critical for your employee morale and retention, too, because most hiring is done trying to find people who align with the heart of your business.

2. The agreement raises clear, avoidable legal risks.

Most people who go into business want to do some good. But there are also individuals who get so caught up in greed, profit and the bottom line that they become willing to look for any way to cut corners, such as risking a fine or closure for dumping waste improperly. Even if your company is able to survive the courtroom, the dings to your reputation might not be repairable. Strong compromises will leave the bulk of legal protections intact for both you and the other party.

3. You or someone else could get hurt.

Related to the legal circumstance above, this point has a surprisingly wide scope. For example, tired drivers still might ask for overtime, or a particular screw in your product might come out unless you tweak the design. Compromising here could cost you financially in multiple ways, such as lawsuits or having to train a temporary replacement for a worker who's recovering. But it also casts significant doubt on how much you care about your employees and customers. Both groups of people want to feel valued. They'll leave or stop buying if they don't.

4. The other party has insufficient experience, skill or understanding.

You might run into this problem when you're trying to reach agreements between people who are on the floor in regular operations and those who are not, when a non-involved heir inherits a business, or when a larger company buys a smaller one outside of its niche. In these situations, the goal by refusing to compromise isn't to prevent change forever or to paint the other party in a negative light. It's merely to slow down or halt decision-making until you've educated the other party about procedures, rationales and the science of what you do.

In any of the above situations, standing your ground doesn't mean abandoning decency and decorum. Explain politely to the other party exactly why you're saying no, detailing what you need to move forward. If there is a way to help the other party meet those requirements, do what you can to support them. Give them time to think and respond, and don't make it personal. If you and the other party go your separate ways in the end, it's not a loss. It merely means you haven't found the right partner yet. And in time, you will.

10 Worst Boss Traits (Ranked in Order of What Makes People Quit Most)

1. Your boss takes credit for your work (63 percent)

One of the big findings is that employees really hate it when the boss takes credit for their work. And, older employees (those over 45) get even more irritated. Why is it just a trigger? Employees want to be recognized, and then challenged to complete other lofty goals. When they realize they won't get any credit or someone will steal it, they lose all motivation.

2. Your boss doesn't appear to trust or empower you (62 percent)

Trust and empowerment can change employee perceptions. When you show trust, you're essentially enabling the employee to succeed. Bad bosses don't understand that. They command and control, assuming an employee is going to fail or create conflict. To change, you have to demonstrate to an employee you are OK with small failures.

3. Your boss doesn't appear to care if you're overworked (58 percent)

The boss is out playing golf or on vacation in Orlando. At work, the employees are stretched pretty thin. That's a problem because, from the perspective of the workers, there isn't an example of how to do the work, someone explaining how to finish tasks, or any time-table other than "get this done before the boss starts paying attention again."

4. Your boss doesn't appear to advocate for you when it comes to monetary compensation (wages/salary/bonuses) (57 percent)

A curious one that ranks high on the list (above setting expectations or not getting a promotion), not advocating for an employee puts you in the doghouse. Why? Like the other high ranking reasons, the employee knows they won't get any credit (in this case, financially) for hard work. He or she will produce the work but won't ever get the recognition.

5. Your boss hires and/or promotes the wrong people (56 percent)

Favoritism is another de-motivator. A bad boss picks the people he or she likes, regardless of skill level. It might be because that person also drives an Audi. Bad bosses don't fairly critique all employees and understand what it takes to do a specific job or role.

6. Your boss doesn't back you up when there's a dispute between you and one of your company's clients (55 percent)

We all want advocates, a boss who will stand up for us. We also crave truth in the workplace, an understanding that it was your skill or your attitude that landed the big customer or pushed a project forward. Bad bosses are weak-willed individuals. They do the hard work of advocating because that involves conflict resolution, time and effort, and maybe even some emotion.

7. Your boss doesn't provide proper direction on assignments/roles (54 percent)

When an employee doesn't know what to do it creates conflict because, really, that's why Susie is even on the accounting team. It's to use the skills and training she has to excel. We all want to be needed, to show we have amazing abilities. Good bosses know how to funnel all of that skill and creativity in the right direction; bad bosses zap it dead.

8. Your boss micromanages you and doesn't allow you the "freedom to work" (53 percent)

Another big killer for motivation at work is when the boss nitpicks all day. It also reveals a lack of empathy, because the employee sees his or her work output as simply a blip on a screen, a code in a handbook. There's a person doing the work. An exceptional boss recognizes that every employee has individual needs and a desire to work creatively and with discretion.

9. Your boss focuses more on your weaknesses than your strengths (53 percent)

A bad boss is a wrist slapper. He or she likes to point out anything that's wrong, mostly because the goal is for the boss to look good. When he or she constantly points out problems, it's because the boss wants to make sure the higher-ups don't see any flaws. Good bosses overlook minor issues and focus on the outcome.

10. Your boss doesn't set clear expectations (52 percent)

Ranking much lower than expected (ahem), this bad boss trait is still one to avoid. It means the boss is not a good communicator, and the employee is a little lost in a maze. What is the role here? What is success? What are the steps to complete a task? When an employee doesn't know the outcome he or she will slip into a mode of low productivity and apathy.

06 Legalese Terms Every Franchisee Should Understand

1. Choice of law

This covenant identifies the law that will govern the interpretation of a contract. In franchising, the franchisor will choose the law of the state in which it is located. This has several advantages, not the least of which is that the franchisor will be familiar with the common law and statutory law in a way that the franchisee from another state may not. Another advantage to the franchisor is that it may preclude the franchisee's attempt to choose the law of the state in which the franchisee is located, which in turn may serve to deny the franchisee certain rights not available under the law of the franchisor's chosen state. In franchising, this covenant is usually not negotiable; this may be different with general commercial contracts. 

2. Fair market value

In many commercial contracts, the value of a good or service is sometimes measured by its "fair market value." Generally, this means that the price will be based upon the value that a reasonable person who is under no duress or obligation would pay for an item, good or service that is being sold by a seller who is under no duress or obligation. In franchising, this term is often used to define the price that the franchisor will pay for the franchisee's trade fixtures, furniture and equipment at the end of the franchise relationship. As the franchisor is purchasing used items for which there may be no ready market, it is usual that the offer will be for a very low price. This may be different in a commercial contract for goods or services that are in high demand. 

3. Force majeure

Though this term may have many meanings, ultimately it identifies events the occurence of which will temporarily excuse the otherwise timely performance of a party under the contract. Sometimes called an "act of God" covenant, one often sees the following definition: "Performance of a party under this contract will be excused for the period of delay if such delay or hindrance is caused by reason of strikes, lock-outs, labor troubles, inability to procure materials, failure of power, restrictive governmental laws or regulations, riots, insurrection, war or other causes beyond the reasonable control of the party."  

4. Forum selection

The "forum" being selected is the locale in which any litigation or arbitration would be held in the event of a disagreement between the parties. In the franchise world, virtually all franchisors select their locale as the forum in which any problem is to be litigated or arbitrated. This could result in the franchisee being "home-towned," which is legal parlance meaning that the franchisee and his or her witnesses would be disadvantaged by having to travel to the franchisor's home state and by having to hire local counsel. This probably would not be negotiable in a franchise agreement but should be nonetheless be reviewed and discussed. 

5. Implied covenant of good faith and fair dealing

In almost all states, each contract is governed by an unwritten but implied general assumption that each party under the contract will act in good faith in the performance of the contract and will fairly deal with the other party. In franchising, many courts have interpreted this to mean that the franchisor will use good faith when it has the option to exercise its discretion. For instance, absent language to the contrary, a franchisee who asks permission to transfer his or her franchise rights to a new person can assume that the franchisor will exercise its right to vet the prospect using commercially reasonable criteria. The phrase "absent language to the contrary" is highlighted because in most franchise agreements, the franchisor will have a list of conditions that must be first met by the prospective franchisee prior to being approved. In turn, this list may contain requirements that may make it more difficult for the prospect to agree. For instance, the franchise agreement may require the new franchisee to sign the then-current franchise agreement the terms of which are materially different from those found in the current franchisee's version and which may be less acceptable to the prospect. Though this may be "unfair," it would most likely not be grounds for claim of breach of this implied covenant.  

6. Indemnification

This covenant is often found in commercial contracts general and in franchise agreements specifically. It means that one party (usually the franchisee) agrees that it will pay the other party's (usually the franchisor) losses when the franchisee's actions cause the loss. For instance, if a franchisee fails to clean up a spill which in turn causes a customer to injure herself, the injured party will often name not only the franchisee as a defendant in the lawsuit, but will also name the franchisor. If the injured party wins a judgment against both defendants -- and given that the franchisor had nothing to do with the franchisee's day-to-day operations -- the franchisee will "indemnify" the franchisor by agreeing to pay all of its losses including any damage award, attorney's fees and costs.

5 Habits of Successful People

1. Have meetings at the same location.

As CEOs and business owners, we are involved in countless meetings any given day. One way to maximize our time is to schedule meetings back to back and in the same place. Not only will you get those meetings out of the way earlier in the day, but you won't have to switch locations. You won't lose time going from place to place and can spend some time focusing on what needs to happen during the meeting.

Tiffany Pham, founder and CEO of Mogul, takes this practice to heart. As she told Inc.: "If I must have multiple meetings throughout a day, I often aim to set them back to back in one location. This way, I maintain efficiency and focus throughout the meetings, setting the pace according to the agenda and maximum time allotted, [while] knowing we must get straight to the points at hand since the next meeting is impending."

2. Get organized.

The supposed correlation between being organized and being productive is a belief that not everyone subscribes to. But it's something that works for me. My desk is organized; everything has its place; therefore, I feel ready to tackle the day. 

Some people argue that clutter -- whether at home or at work -- results in a lack of focus. In fact, scientific evidence says this is a real thing. Clutter prevents us from focusing on bigger goals. If organization is something that you strive for in order to feel that you've accomplished something, but you don't know where to start, start small. Organize one drawer, instead of your entire desk. Organize the left side of your closet, instead of your entire closet.

Then again, there are people who might be a little messier but are just as focused and productive as someone like me who likes "neat and orderly." Their motto is "my mess, my business." At the end of the day, it's the end result that counts the most.

3. Stay connected.

When we start our entrepreneurial journey, we're in charge of everything -- from answering phones and mailing packages, to billing and business development. As our venture grows into a robust company, we delegate some of those responsibilities to other employees; and if our business takes off, we delegate while focusing even more on how to expand the business. With expansion comes growing pains which can make us lose focus; we become disconnected, from the day-to-day details, and sometimes from our own employees.

Staying connected doesn't mean being in people's faces or micromanaging your staff. It means staying involved with what you love to do. For example, I enjoy getting involved in the creative side of things -- whether from a marketing/PR or production standpoint.

I occasionally sit in, for example, during planning sessions that my teams have with clients. That helps me stay up to date with what's going on with clients and what they want from the team, while enabling me to inject a different perspective and not get bogged down with the day-to-day activities.

Don't be the kind of entrepreneur who's disconnected, because more often than not, out of sight turns into out of mind -- and that's no way to run a business.

4. Learn something new every day.

When we're young, we think that learning stops after we leave college. As we get older, and hopefully wiser, we realize this is not the case. Learning never stops; and, if you're to become successful, you need to become a voracious reader or a big consumer of news.

Your activity here doesn't have to be anything fancy, but whether you're looking to upgrade your vocabulary or remain current with what's going on the world, you have to make time.

Mark Cuban says he reads three hours every day. Bill Gates reads for an hour before bedtime. Reading isn't just something you do to help clear your mind; it can also help you learn from the mistakes (and successes) of others. I occasionally peruse my social media feeds to learn a few things, too. Someone might share an article that is relevant to my industry and is something, normally, that I wouldn't have noticed.

It might be about a new trend, a new technology or a new tool that might help streamline my workload (I'm always looking for neat tips and tricks to help me save time). Whatever it is that you choose to learn that day, whether it's industry-related or not, make an effort to learn it. After all, knowledge never killed anyone.

5. Ask the right questions and push the envelope.

Most of our workload revolves around the "what" or the "how" -- what are we working on today? How are we going to accomplish this task? But, what we don't focus more on is the "why." Successful people are constantly asking questions and pushing the envelope. Sure, that might sound like a toddler asking endless questions, but asking "why" helps you understand the process and, possibly, find alternative ways to fix a problem.

"Why" is always the hardest question to ask. For some, it may come across as questioning authority, but that's not the case. If that's how you think, you should get out of that mindset. Settling for the status quo never made anyone stand out.

But, questioning things is actually how you push the envelope. I understand this might be difficult to do, but here's the catch: It's not necessarily what you say, but how you say it. You can ask almost anything, push any envelope and even challenge authority if you do it calmly and respectfully.

Earlier, I mentioned how your daily habits help determine how you run your life. Ask yourself a couple of questions: a) what does success mean to me? and b) is there anything in my daily routine that I need to change that will help me become more successful?